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On August 25, the U.S. Department of Justice announced that a federal jury in San Francisco found Japheth Dillman, the founder of cryptocurrency fund Block Bits Capital, guilty of wire fraud and conspiracy. Prosecutors alleged that from June 2017 to August 2018, Dillman raised nearly one million dollars from over 20 investors, claiming that the fund generated profits through a proprietary trading software called 'Autotrader.' However, he was aware that the software was incomplete and could not operate properly. Subsequently, Dillman and an accomplice used the investment funds for personal expenses and high-risk cryptocurrency investments, and after significant losses in these investments, he continued to falsely inform investors that the fund had achieved substantial returns. Dillman is currently released on bail and is scheduled for sentencing on December 8, facing up to 20 years in prison and a $250,000 fine for each count.

On August 25, the U.S. Department of Justice announced that a federal jury in San Francisco found Japheth Dillman, the founder of cryptocurrency fund Block Bits Capital, guilty of wire fraud and conspiracy. Prosecutors alleged that from June 2017 to August 2018, Dillman raised nearly $1 million from over 20 investors, claiming that the fund was generating profits through its proprietary trading software 'Autotrader.' However, he knew that the software was incomplete and could not operate properly. Subsequently, Dillman and an accomplice used the investment funds for personal expenses and high-risk cryptocurrency project investments. Even after these investments suffered significant losses, Dillman continued to falsely assure investors that the fund was achieving substantial returns. Dillman is currently out on bail and is set to be sentenced on December 8, facing a maximum of 20 years in prison and a $250,000 fine for each count.

On August 25, Robinhood Chain's decentralized trading platform Arcus launched the pToken protocol, which tokenizes custodial perpetual contract accounts into transferable ERC-20 tokens. This allows users to gain leveraged asset exposure without directly managing margin and positions, and pTokens can be used in on-chain protocols for lending and more. Arcus stated that each pToken represents proportional ownership of a perpetual contract account in a specific market with a fixed leverage ratio, enabling users to trade them like spot tokens. Leveraged products for assets such as BTC, SOL, and HYPE have been launched, including pBTC and pBTC3x, along with leveraged stock token products like pHOOD3x. Additionally, Arcus introduced a multi-asset collateral feature, allowing eligible SPY, QQQ, and MAG7 stock tokens to be used as collateral for perpetual contracts, with an initial loan-to-value (LTV) ratio of 50%. Users can obtain leverage without selling the underlying assets. Robinhood Chain officially launched its mainnet on July 1, with a total value locked (TVL) exceeding $600 million and cumulative DEX trading volume surpassing $26 billion. Arcus claims its cumulative trading volume has exceeded $250 million, with an average daily trading volume of over $33 million and a TVL of $18 million, while the number of users waiting for perpetual contracts has surpassed 85,000.